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4 Tips to Avoiding the Pitfalls of Retirement Planning

Date Published:

March 21st, 2014

Date Modified:

May 19th, 2015 4:17 pm

Though it goes against what so many life coaches and motivational speakers speak as mantras these days, positive thinking will generally get you nowhere in regards to retirement planning. In fact, it’s thinking negatively that will better prepare you for the future and being pessimistic will only help in setting up realistic future expectations. Basically, Noah would have gotten nowhere if he was optimistic about the weather. It was his building the ark before the rain started that got him through the storm. When preparing for retirement avoid the pitfalls by following these few tips.

Believe that you have not saved enough. Yes, you should have started saving earlier, there is usually no question about that. Very few of us save for our retirement in our 20’s or 30’s and some put it off through their 40’s too. Lesson learned. Start saving now. Make it hurt a little. You’ll thank yourself later.

Believe that you’re not that bold anymore. Decades ago you had time the time to take higher risks with certain investments as you had years to recover from any losses. Now that you’re older, you’ll need to protect those investments as much as possible, while working to secure a much larger portfolio when you actually reach your age of retirement.

Believe that you’re in this alone. With the cushion provided by employer-sponsored retirement benefits getting smaller, or disappearing altogether, retirement planning really is up to you and you alone. Don’t expect to rely on social security benefits either. Wait as long as is financially possible for you to do so before receiving benefits. With those coffers continually cut, social security benefits should really be looked more at as possible bonus and not essential funds.

Believe you will get sick. The single biggest expense of most retirees is healthcare. Take care of yourself now to avoid bringing major health issues into your retirement with you. Fighting different ailments will not only affect your overall quality of life during your later years, it will also eat into your retirement funds at a much quicker pace.

With a qualified financial advisor helping you to construct a comprehensive retirement plan that covers all the negative, a much more positive outlook can be achieved. At Advanced Wealth Advisors, LLC, our team of professional and knowledgeable financial advisors in Naples, FL can help with every aspect of retirement planning. For a complete and personal consultation call Advanced Wealth Advisors at 239-455-1100.

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This material is for informational purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial planning decisions. Please consult a qualified financial planner before making decisions about your financial planning situation. Advanced Wealth Advisors does not offer tax or legal advice. Individuals are advised to consult with their own accountant and/or attorney regarding all tax and legal matters.

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